Share this article
IREN Raises $2.3B, Repurchases Debt in Balance Sheet Overhaul
The bitcoin miner extended maturities, reduced coupon costs and strengthened its capital structure.
Dec 9, 2025, 12:39 p.m.
What to know:
- IREN completed a refinancing deal involving a $2.3 billion convertible senior notes offering and a $544.3 million repurchase of existing notes.
- The new notes include $1 billion of 0.25% notes due 2032, $1 billion of 1% notes due 2033, and a $300 million greenshoe allotment.
- The transactions provided $2.27 billion in net proceeds, reduced IREN's cash coupon burden, and extended its debt maturity profile.
IREN (IREN), a bitcoin miner, completed a refinancing that combined a $2.3 billion convertible senior-note offering with a $544.3 million repurchase of existing convertible notes.
The new issuance includes $1 billion of 0.25% notes due 2032, $1 billion of 1% notes due 2033 and a fully exercised $300 million greenshoe to meet excess demand.
IREN also executed capped-call transactions intended to hedge any share dilution should the notes be converted, providing protection up to an initial $82.24 per share. The notes do not include any investor put rights except for a standard provision related to fundamental changes, according to the announcement.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The repurchase included $316 million of 3.50% notes due 2029 with a $13.64 conversion price and $227.7 million of 3.25% notes due 2030 with a $16.81 conversion price. The repurchase was funded through a registered direct placement of about 39.7 million ordinary shares.
The combined transactions generated roughly $2.27 billion in net proceeds, reduced IREN’s average annual cash coupon burden and extended the maturity profile of its convertible debt.
After covering capped call costs and the repurchase, IREN plans to use the remaining proceeds for general corporate purposes and working capital, supporting the continued expansion of its bitcoin mining and data center operations.
IREN fell 1% in pre-market trading to $45 per share, some 40% below its November all-time high.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin Slips Back Toward Danger Zone Ahead of Fed Decision
Bitcoin surrendered gains from earlier in the week, fell back toward $90,000 as traders braced for Wednesday’s Federal Reserve rate decision.
What to know:
- A 25 basis-point interest-rate cut has been priced in for weeks, and risk assets could drop on the news if no fresh catalysts emerge.
- Tokens like HYPE, STRK, QNT and KAS fell 6%–9% in 24 hours
- CoinMarketCap’s altcoin-season index sits at a cycle low of 18/100.
- Bitcoin is down 20% over 90 days and more than half of the top-100 tokens have fallen at least 40%. FET and TIA are among the worst performers while ZEC, DASH, BNB and BCH stand out as rare stabilizers.
Top Stories
